Key Points
New Delhi: The number of formal sector workers registered under the Employees Provident Fund Organization (EPFO) saw a remarkable surge in April, reaching its highest level this year and signalling a growing number of first-time workers in the organized sector...
Provisional payroll data of EPFO released on Tuesday showed the organization added 1.72 million net subscribers in April as compared to 1.34 million in March, the labour ministry said.This substantial rise in EPFO registrations directly correlates with the growth in job opportunities within the formal sector, highlighting the positive trajectory of Indias employment landscape..
Of the 1.72 million subscribers added in the April, around 847,000 new members have come under the social security cover of Employees Provident Fund & Miscellaneous Provisions Act 1952, for the first time..
About 1.25 million net subscribers exited and re-joined establishments covered under the EPFO, by changing their jobs within the establishments, and opted to retain membership under the scheme through the transfer of funds rather than going for the final withdrawal of their PF accumulations.As compared to the previous month, the number of exits decreased by 11.67% with 377,000 exits in April..
In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joining as members, is taken to arrive at net monthly payroll..
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